Ghana and the Ivory Coast are demanding a higher minimum price for cocoa. The markets responded immediately - after all, they are the largest producers in the world.
From all indications, Chocolate could soon become more expensive
Cocoa prices rose sharply on Wednesday after the two major producing countries announced a sell-off. The two West African countries Ghana and Ivory Coast demanded a minimum price of $2,600 per ton of chocolate raw material at a meeting with buyers in Accra on Wednesday. As a result, the price of the ton rose during the course of the day in New York trading to $2540, an increase of 1.4 percent.
Ghana Cocoa Board chief Joseph Boahen Aidoo said at a press conference that the demands had been accepted in principle.
At a follow-up meeting, the implementation of the agreement should be discussed. Until then, Ghana and the Ivory Coast would suspend the sale of the 2020/2021 harvest. He spoke of a "historic" step. For years, the buyers would have determined the price.
The two countries account for 60 percent of global cocoa production. Yves Kone, head of the Ivorian coffee and cocoa council, called for a price that would amount to "an acceptable compensation" for the workers' efforts. The cocoa market is worth about $100 billion, of which only $6 billion goes to the poor Cocoa farmers and this is unfair.
Francis Tawiah (Duisburg - Germany)
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